Megaworld starts construction of Iloilo Business Park project

Property developer Megaworld Corp. is starting its construction of the 54.5-hectare Iloilo Business Park project, the company said Friday.

Megaworld told the Philippine Stock Exchange that it is earmarking an initial P2.5 billion over the next two years to develop the road network within the IT park and for the construction of Richmonde Hotel Iloilo and Richmonde Tower plus two more BPO office towers within the period.

The first retail component of the project, Festive Walk, will be completed in the latter part of 2012, after which Megaworld is set to invest more to bankroll the development until 2020.

The site of the project is the former Iloilo Airport, which Megaworld acquired from the National Government in 2007 for P1.2 billion in cash.

“With our groundbreaking rites today, we affirm the strong business prospects of Iloilo City and the Western Visayas region in particular. The Iloilo Business Park is an important component of the BPO triangle I am envisioning that will make the Philippines an exciting and thriving BPO destination worldwide," said Andrew Tan, Megaworld chairman and chief executive officer.

The groundbreaking ceremonies for Richmonde Hotel Iloilo and Richmonde Tower mark the first projects to be started within the Iloilo Business Park. The 12-story hotel will host 90 guest rooms, ranging from superior rooms to junior suites.

Richmonde Hotel Iloilo is the third project of Megaworld under this hotel brand. The hotel is projected to serve businessmen and tourists.

The Richmonde Tower will occupy the second to sixth floors of the hotel, offering more than 9,000 square meters of office space for BPO locators. Both projects are scheduled for completion within the next two years.

Since the Iloilo Business Park was granted a certification by the Philippine Economic Zone Authority as an IT park in January 2010, BPO locators at Richmonde Tower will be entitled to exclusive perks such as income tax holidays, duty-free importation of office equipment and repatriation of earnings, among others. At 54.5 hectares, Iloilo Business Park is the largest IT park yet of publicly-listed Megaworld.

Megaworld is projecting that Iloilo Business Park will fill more than 24,000 seats for the BPO sector, whereas its retail component will infuse more than 200,000 square meters of space for the commercial sector. -- CMA/OMG, GMA News

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • US-Philippines wargames to start under China's shadow
    US-Philippines wargames to start under China's shadow

    Thousands of American and Filipino soldiers on Monday will kick off expanded wargames, showcasing a deepening defence alliance as alarm bells ring over China. The 10-day exercises in the Philippines are an annual affair between the longtime allies, but this time they will involve double the number of soldiers as last year in a sign of their expanding military partnership. The Philippines is seeking more US military and diplomatic support to fend off China's increasing forcefulness in its bid …

  • Bar ban for US troops in Philippines amid murder trial
    Bar ban for US troops in Philippines amid murder trial

    The US Pacific Command has banned its troops in the Philippines from bars and nightclubs, a spokesman said Saturday, with the trial under way of a US Marine accused of murdering a transgender Filipina he met in a bar. Thousands of American and Filipino soldiers will on Monday kick off 10-day annual military excercises, according to Captain Alex Lim, a spokesman for the US forces, but there will be strict controls on their free time. Lim would not say why the restrictions were imposed but …

  • Biker Beauty: Honda and David's Salon Pampering Day
    Biker Beauty: Honda and David's Salon Pampering Day

    Honda Philippines Inc. (HPI), and David's Salon recently held the awarding ceremony for the Metro Manila winner of the David's Salon Scooter Raffle Promo at the 5th level of SM Megamall Building A. Loyal patron Maria Theresa Guevara took home a brand new Honda Click 125i. Present to grace the occasion were David's Salon Creative Director Laura Charlton and HPI Assistant Vice-President for Sales and Marketing Hideo Nishinaga.To the delight of all those in attendance, guests were treated to …

  • ‘Next leader must not be newbie’
    ‘Next leader must not be newbie’

    Vice President Jejomar Binay believes the next president of the Philippines must have vast experience and a long track record in governance and in dealing with crises. “I am very much convinced that the local government is the best training ground for those who want to run for national government positions,” he said. Binay said he is determined to run for president in 2016 on the strength of his competence and track record. …

  • Massacre suspect tests negative for poisoning
    Massacre suspect tests negative for poisoning

    A suspect in the Maguindanao massacre case who had been examined at the Philippine General Hospital (PGH) tested negative for poisoning, medical records released yesterday showed. However, the Quezon City court handling the multiple murder case resolved to isolate Police Officer 1 Pia Kamidon from the rest of the accused detained at Camp Bagong Diwa in Taguig for his safety. In a two-page order, Regional Trial Court Branch 221 assisting Judge Genie Gapas-Agbada ordered jail officials to …

  • ‘Homework first before Facebook’
    ‘Homework first before Facebook’

    President Aquino elicited laughter from students here as he reminded them to open books first before Facebook. “Finish your assignments first before making a raid in the Clash of Clans,” Aquino said, referring to a popular online game. In a speech during the turnover yesterday of two new three-story buildings at the Tarlac National High School, he said the government could only provide opportunities for learning but the rest of the work would be up to the students. The new school buildings …

  • Espina resignation confirmed; Noy looks for replacement
    Espina resignation confirmed; Noy looks for replacement

    President Aquino ended speculations yesterday and confirmed that Deputy Director General Leonardo Espina had indeed resigned as officer-in-charge of the Philippine National Police. As of this time, we are conducting various interviews and checks on the various candidates,” Aquino told reporters at the Tarlac National High School in Tarlac City. Aquino had kind words for Espina, saying that he stood by and defended the 44 slain police Special Action Force (SAF) commandos in the operation in …

  • Palace welcomes G7 concern over sea reclamation
    Palace welcomes G7 concern over sea reclamation

    President Aquino welcomed yesterday the Group of Seven industrialized countries’ expression of concern over rising tension in the West Philippine Sea and South China Sea, calling it a clear indication of the global scope of the problem ramped up by China’s massive reclamation activities in disputed waters. In Tarlac City where he led the turnover of new classrooms, Aquino told reporters that goodwill and not tension must prevail in the West Philippine Sea and South China Sea, where territorial …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options